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With the prospect of a politically united Europe unlikely, the best way to give the euro a stable future may be to return to the basic principles of the Maastricht Treaty. That means the European Central Bank needs to stop lending to banks and states most likely to be insolvent and return to its main task of preserving the purchasing power of money.

Articles in this publication consider the impact of long-term debt reduction on the economy and investments, a less taxing way to own hedge funds, whether equities have reached the end of an era, the interplay of the end of QE2 and municipal bonds, and assurance that we are far from having the decline of the dollar be a policy concern.

Prudence is required during summer regarding global assets, balancing uncertainties and risks against opportunities presented by low valuations and oversold markets. Japan and the United States offer buying opportunities, while European equities are more exposed to risk. Reducing risk in portfolios may provide a tactical hedge through the soft patch.

Based on third-quarter events, the probability of more vulnerable markets has risen. Minor policy mistakes may have more severe impact. Yet, with expectations so low, a "less-bad" economic report, a credible policy initiative from the Obama administration or an important move by the Europeans or Chinese could trigger a meaningful global equity rally.

The Internal Revenue Service records more than 1 million tax-related cases of identity theft every year, and resolving these cases can be time-consuming. This newsletter identifies typical incidents and explains how to resolve them. It also discusses how intra-family loans can help to transfer wealth.

A significant number of family businesses eliminate family dynamics from the business equation, according to a survey. The researchers found significant differences between family-focused and business-focused family businesses in the complexity of the owners' lives, motivations to sell the business, and intent to use tax strategies to minimize taxes.

This research report explains what private equity has to offer, answers many of the questions being asked by investors today and explains why now may be an opportune time to make a commitment to a private equity fund of funds, particularly for first-time investors.

Senior investment professionals look beyond the near term and develop five-year forecasts for economic activity and financial market instruments, including fixed income, equities, real assets and alternatives. Their work can serve as a guide to risks and thematic developments that bear watching by investors.

Weighing the evidence most often cited by bullish investors, the authors find it to be predicated primarily on a thinly supported assumption that strong corporate earnings growth will continue. The bear's case, on the other hand, appears more solid as it focuses on weakness in the underlying drivers of corporate earnings growth as well as on long-term structural debt and deficit issues.

Keynesian principles helped us to bridge some of the most troubled waters any of us have ever seen, but it may be time to recognize that solving unemployment means more than just stimulus packages to put people back to work. It means aiding the private sector in its quest for new markets and new profit-making opportunities.